View More View Less
  • 1 Bruegel, Brussels
  • | 2 Higher School of Economics, Moscow
  • | 3 CASE — Center for Social and Economic Research, Warsaw
Restricted access

Purchase article

USD  $25.00

1 year subscription (Individual Only)

USD  $700.00

The series of adverse shocks of both economic and political character that Europe has suffered since 2008, the last of them coming from the Brexit referendum, revealed numerous institutional gaps and asymmetries in the EU integration architecture. They originate from the voluntary nature of the EU project and the necessity to obtain unanimous approval of all member states to take new integration steps. To increase the resilience of the EU project against current and future shocks, its major institutional gaps and asymmetries should be addressed as quickly as possible. In this paper, we use the theory of fiscal federalism and subsidiarity principle to set the agenda of the EU reform. This includes the identification of areas such as completing the EMU and Schengen projects, foreign, security, and defence policies, environmental and climate change policies where further integration can offer substantial returns to scale and better provisions of global and pan-European public goods. On the other hand, there are also areas such as agriculture policy, products, services and labour standards, and fiscal surveillance rules, where deregulation in favour of market forces could ease business environment and make EU regulations less bureaucratic. Developing integration beyond the traditional economic sphere will also have an impact on the size of the EU budget, balance of power between the EU governing bodies (a bigger role of the European Parliament) and the democratic legitimacy of the EU project.

  • Adebahr, C. (2016): A Flexible Europe after the Brexit Vote. Carnegie Europe, Carnegie Europe, Brussels, September 1, http://carnegieeurope.eu/strategiceurope/?fa=64447

    • Search Google Scholar
    • Export Citation
  • Balcerowicz, L. (2014): Euro Imbalances and Adjustment: A Comparative Analysis. Cato Journal, 34(3) (Fall), http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2014/9/cj34n3-1.pdf

    • Search Google Scholar
    • Export Citation
  • Berglof, E.Eichengreen, B.Roland, G.Tabellini, G.Wyplosz, C. (2003): Built to Last: A Political Architecture for Europe. Monitoring European Integration, vol. 12, London, Center for Economic Policy Research.

    • Search Google Scholar
    • Export Citation
  • Bofinger, P.Soros, G. (2011): Only Way to Stop the Run on Eurozone Debt. Financial Times, November 21, http://www.ft.com/intl/cms/s/0/4f29ab54-1431-11e1-85c7-00144feabdc0.html#axzz1gRCoxjhP

    • Search Google Scholar
    • Export Citation
  • Bordo, M. D.Markiewicz, A.Jonung L. (2011): A Fiscal Union for the Euro: Some Lessons from History. NBER Working Paper, No. 17380, September, http://www.nber.org/papers/w17380.pdf

    • Search Google Scholar
    • Export Citation
  • Briani, V. (2013): Armaments Duplication in Europe: A Quantitative Assessment. CEPS Policy Brief, No. 297, July 16, https://www.ceps.eu/system/files/PB%20297%20Briani%20Duplication% 20in%20EU%20armed%20forces%20-.pdf

    • Search Google Scholar
    • Export Citation
  • Bureau, J. C. (2012): Where Is the Common Agricultural Policy Heading? Intereconomics, 47(6): 316321, November/December, http://archive.intereconomics.eu/year/2012/6/the-commonagricultural-policy-after-2013/

    • Search Google Scholar
    • Export Citation
  • Cohen, B. (2008): Monetary Unions. In: Whaples, R. (ed.): EH.Net Encyclopedia, February 10, http://eh.net/encyclopedia/monetary-unions/

    • Search Google Scholar
    • Export Citation
  • Cottarelli, C. (2012a): European Fiscal Union: A Vision for the Long Run. Presentation at the Gerzensee Conference, November 1–2, IMF Fiscal Affairs Department, https://www.imf.org/external/np/speeches/2012/110112.htm

    • Search Google Scholar
    • Export Citation
  • Cottarelli, C. (2012b): Fiscal Federations: Lessons for the Design of a European Fiscal Union. Presentation for the ECB–IMF Conference in Frankfurt, December 13, IMF Fiscal Affairs Department, https://www.imf.org/external/np/speeches/2012/121312.htm

    • Search Google Scholar
    • Export Citation
  • Dabrowski, M. (2015a): Greece: from Default to Grexit? Bruegel blog, June 28, http://bruegel. org/2015/06/greece-from-default-to-grexit/

    • Search Google Scholar
    • Export Citation
  • Dabrowski, M. (2015b): Monetary Union and Fiscal and Macroeconomic Governance. European Economy Discussion Paper, No. 013, September, http://ec.europa.eu/economy_finance/publications/eedp/pdf/dp013_en.pdf

    • Search Google Scholar
    • Export Citation
  • Darvas, Zs.Wolff, G. (2015): Choices after the Greferendum. Bruegel blog, July 6, http://bruegel. org/2015/07/choices-after-the-greferendum/

    • Search Google Scholar
    • Export Citation
  • De Grauwe, P. (2006): On Monetary and Political Union. CESifo Forum, No. 4/2006, http://www.cesifo-group.de/DocDL/forum4-06-focus1.pdf

  • De Grauwe, P. (2013): Pool Debt, or Face Dangerous Upheavals across Europe. Europe’s World, Spring, http://www.europesworld.org/NewEnglish/Home_old/Article/tabid/191/ArticleType/articleview/ArticleID/22076/language/en-US/Default.aspx

    • Search Google Scholar
    • Export Citation
  • De Grauwe, P. (2016): Why the European Union will Benefit from Brexit. Ivory Tower, February 22, http://escoriallaan.blogspot.be/2016/02/why-european-union-will-benefit-from.html

    • Search Google Scholar
    • Export Citation
  • Delpla, J. – Von Weizsaecker, J. (2010): The Blue Bond Proposal. Bruegel Policy Brief, 2010/3, May.

  • Deo, S.Donovan, P.Hatheway, L. (2011): A Brief History of Break-ups. UBS Research: Global Economic Perspectives, October 11, www.ubs.com/economics

    • Search Google Scholar
    • Export Citation
  • Draghi, M. (2015): Stability and Prosperity in Monetary Union. Project Syndicate, January 2, http://www.project-syndicate.org/print/ecb-eurozone-economic-union-by-mario-draghi-2015-1#

    • Search Google Scholar
    • Export Citation
  • European Commission (2012): A Blueprint for a Deep and Genuine EMU. Launching a European Debate. Communication from the European Commission, COM (2012) 777, November 28, http://ec.europa.eu/archives/commission_2010-2014/president/news/archives/2012/11/pdf/blueprint_en.pdf

    • Search Google Scholar
    • Export Citation
  • European Commission (2015): Commission Work Programme 2016: No Time for Business as Usual. Communication from the Commission to the European Parliament, the Council, the European

    • Search Google Scholar
    • Export Citation
  • Economic and Social Committee and the Committee of the Regions, COM (2015) 610 final, Strasbourg, October 27, http://ec.europa.eu/atwork/pdf/cwp_2016_en.pdf

  • European Commission (2016): EU–Turkey Agreement: Questions and Answers. European Commission, Press Release Database, March 19, http://europa.eu/rapid/press-release_MEMO-16-963_en.htm

    • Search Google Scholar
    • Export Citation
  • Eyraud, L.Gomez Sirera, R. (2014): Constraints on Sub National Fiscal Policy. In: Cottarelli, C.Guerguil, M. (eds): Designing a European Fiscal Union: Lessons from the Experience of Thirteen Federations. London: Routledge.

    • Search Google Scholar
    • Export Citation
  • Feldstein, M. (1997): EMU and International Conflict. Foreign Affairs, 76(6): 6076, https://www.foreignaffairs.com/articles/europe/1997-11-01/emu-and-international-conflict

    • Search Google Scholar
    • Export Citation
  • Feldstein, M. (2012): The Failure of the Euro. Foreign Affairs, January/February, https://www.foreignaffairs.com/articles/europe/2011-12-13/failure-euro

    • Search Google Scholar
    • Export Citation
  • Frieden, J. (2016): Lessons for the Euro from Early US Monetary and Financial History. Bruegel Essay and Lecture Series, May 25, http://bruegel.org/wp-content/uploads/2016/05/essay_frieden_may16.pdf

    • Search Google Scholar
    • Export Citation
  • Fuest, C.Peichl, A. (2012): European Fiscal Union: What Is It? Does It Work? And Are There Really ‘No Alternatives’? IZA Policy Paper, No. 39, March, http://ftp.iza.org/pp39.pdf

    • Search Google Scholar
    • Export Citation
  • Grabbe, H.Lehne, S. (2016): How to Build a More Flexible EU After Brexit? Carnegie Europe, Brussels, September 8, http://carnegieeurope.eu/2016/09/08/how-to-build-more-flexible-euafter-brexit/j531

    • Search Google Scholar
    • Export Citation
  • Gros, D. (2013): Banking Union instead of Fiscal Union? In: Allen, F.Carletti, E.Gray, J. (eds): Political, Fiscal and Banking Union. European University Institute, Florence –Wharton Financial Institutions Center University of Pennsylvania, Philadelphia, US.

    • Search Google Scholar
    • Export Citation
  • Gros, D. (2015): Schengen and European Security. Project Syndicate, December 10, https://www.project-syndicate.org/commentary/schengen-open-borders-help-security-by-daniel-gros-2015-12

    • Search Google Scholar
    • Export Citation
  • Heinen, N. (2011): EU Net Contributor or Net Recipient. Just a Matter of Your Standpoint? Deutsche Bank Research, http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000273546.pdf

    • Search Google Scholar
    • Export Citation
  • Henning, C. R.Kessler, M. (2012): Fiscal Federalism: US History for Architects of Europe’s Fiscal Union. Bruegel Essay and Lecture Series, January 10, http://bruegel.org/wp-content/uploads/imported/publications/essay_fiscfed_web_01.pdf

    • Search Google Scholar
    • Export Citation
  • Issing, O. (2013): The Case for Political Union Isn’t Convincing. Europe’s World, Summer, http://www.europesworld.org/NewEnglish/Home_old/Article/tabid/191/ArticleType/ArticleView/ArticleID/22139/language/en-US/Default.aspx

    • Search Google Scholar
    • Export Citation
  • Juncker, J-C. et al. (2015): Completing Europe’s Economic and Monetary Union. European Commission, June 22, http://ec.europa.eu/priorities/economic-monetary-union/docs/5-presidentsreport_en.pdf

    • Search Google Scholar
    • Export Citation
  • Kartnitschnig, M.Hirst, N. (2016): A Long, Costly and Messy Divorce. Politico, March 2, http://www.politico.eu/article/brexit-eu-divorce-uk-cameron/

    • Search Google Scholar
    • Export Citation
  • Krugman, P. (2012a): European Crisis Realities. The New York Times, February 25, http://krugman.blogs.nytimes.com/2012/02/25/european-crisis-realities/

    • Search Google Scholar
    • Export Citation
  • Krugman, P. (2012b): Europe’s Austerity Madness. The New York Times, September 27, http://www.nytimes.com/2012/09/28/opinion/krugman-europes-austerity-madness.html?_r=0

    • Search Google Scholar
    • Export Citation
  • Krugman, P. (2013): Austerity Europe. The New York Times, February 23, http://krugman.blogs. nytimes.com/2013/02/23/austerity-europe-2/

    • Search Google Scholar
    • Export Citation
  • Layard, R. (2012): The Tragic Error of Excessive Austerity. VoxEU.org, July 6, http://voxeu.org/vox-talks/tragic-error-excessive-austerity

    • Search Google Scholar
    • Export Citation
  • Marzinotto, B.Sapir, A.Wolff, G. (2011): What Kind of Fiscal Union? Bruegel Policy Brief, No. 2011/6, November, http://bruegel.org/wp-content/uploads/imported/publications/111124_pb_2011-06_.pdf

    • Search Google Scholar
    • Export Citation
  • McKinnon, R. (1963): Optimum Currency Areas. American Economic Review, 53(4): 717725.

  • Mortensen, J. (2004): Economic Policy Coordination in EMU: What Role for the SGP? CEPS Working Document, No. 202, June, https://www.ceps.eu/system/files/book/1127.pdf

    • Search Google Scholar
    • Export Citation
  • Mota, P. R.Costa Fernandes, A. L.Nicolescu, A. G. (2015): The Recent Sovereign Debt Crisis in the Eurozone: A Matter of Fundamentals? Acta Oeconomica, 65(1): 125.

    • Search Google Scholar
    • Export Citation
  • Mundell, R. (1961): A Theory of Optimum Currency Areas. American Economic Review, 51(4): 657665.

  • Oates, W. E. (1999): An Essay on Fiscal Federalism. Journal of Economic Literature, 37(3): 11201149.

  • OECD (2007): OECD Economic Surveys: European Union. 2007/11, September.

  • Solana, J. (2016): European Defense Integration Now. Project Syndicate, September 20, https://www.project-syndicate.org/print/european-defense-integration-now-by-javier-solana-2016-09

    • Search Google Scholar
    • Export Citation
  • Soros, G. (2012): Germany’s Reticence to Agree Threatens European Stability. Financial Times, June 24, http://www.georgesoros.com/articles-essays/entry/germanys_reticence_to_agree_threatens_european_stability/

    • Search Google Scholar
    • Export Citation
  • Swidlicki, P.Kullmann, A.Persson, M. (2012): Seizing the Moment: Aligning the EU Budget with Europe’s Economic Needs. Open Europe, June, http://www.openeurope.org.uk/Content/Documents/Pdfs/2012EUbudget.pdf

    • Search Google Scholar
    • Export Citation
  • Vimont, P. (2016): Migration in Europe: Bridging the Solidarity Gap. Carnegie Europe, Brussels, September 12, http://carnegieendowment.org/files/Vimont_Migration_fulltext.pdf

    • Search Google Scholar
    • Export Citation
  • Warleigh, A. (2002): Flexible Integration: Which Model for the European Union? London –New York: Sheffield Academic Press.

  • Wolff, G. B. (2012): A Budget Capacity for Europe’s Monetary Union. Bruegel Policy Contribution, No. 2012/22, December, http://bruegel.org/wp-content/uploads/imported/publications/pc_2012_22_EA_budget_final.pdf

    • Search Google Scholar
    • Export Citation
  • Wolff, G. B. (2016): The Economic Consequences of Schengen. Bruegel blog, February 2, http://bruegel.org/2016/02/the-economic-consequences-of-schengen/

    • Search Google Scholar
    • Export Citation
  • Wyplosz, C. (2007): Has Europe Lost Its Heart? In: Åslund, A.Dabrowski, M. (eds): Europe After Enlargement. Cambridge University Press, pp. 628.

    • Search Google Scholar
    • Export Citation
  • Wyplosz, C. (2013): Europe’s Quest for Fiscal Discipline. Economic Papers, No. 498, European Commission, Directorate-General for Economic and Financial Affairs, April http://ec.europa.eu/economy_finance/publications/economic_paper/2013/pdf/ecp498_en.pdf

    • Search Google Scholar
    • Export Citation
  • Wyplosz, C. (2015): The Centralization–Decentralization Issue. European Economy Discussion Paper, No. 014, September, ec.europa.eu/economy_finance/publications/eedp/pdf/dp014_en.pdf

    • Search Google Scholar
    • Export Citation
Submit Your Manuscript
 
The author instruction is available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders, Institute of International Economics, Washington (USA)
  • Kolodko, Grzegorz, Kozminski University, Warsaw (Poland)
  • Mau, Vladimir, Academy of National Economy (Russia)
  • Messerlin, Patrick A, Groupe d’Economie Mondiale (France)
  • Saul Estrin, London School of Economics (UK)
  • Wagener, Hans-Jürgen, Europa Universität Viadrina (Germany)

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary

Indexing and Abstracting Services:

  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index
  • Index Copernicus

 

2020  
Total Cites 275
WoS
Journal
Impact Factor
0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
SNIP  
Days from  289
sumbission  
to acceptance  
Days from  447
acceptance  
to publication  

2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
Total
Articles
45
Total
Reviews
0
Cited
Half-Life
3,9
Citing
Half-Life
9,5
Eigenfactor
Score
0,00015
Article Influence
Score
0,052
% Articles
in
Citable Items
100,00
Normalized
Eigenfactor
0,01891
Average
IF
Percentile
28,437
Scimago
H-index
12
Scimago
Journal Rank
0,439
Scopus
Scite Score
214/165=1,3
Scopus
Scite Score Rank
Economics and Econometrics 355/637 (Q3)
Scopus
SNIP
0,989

 

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2021 Online subsscription: 588 EUR / 732 USD
Print + online subscription: 688 EUR / 860 USD
Subscription fee 2022 Online subsscription: 600 EUR / 750 USD
Print + online subscription: 704 EUR / 880 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Publication
Programme
2021 Volume 71
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)